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For those who are first time homebuyers, the city of Long Beach has just launched a website for their new First-Time Homebuyers Assistance Program to help those find a home to settle down at. This new program will help provide new homeowners with a down payment and closing costs by providing them up to $20,000.
“Long Beach is proud to help support pathways to homeownership for local families,” said Vice Mayor Rex Richardson. “By investing in down payment assistance, we are ensuring that our housing programs meet the needs of our diverse community, making sure residents can achieve the dream of homeownership.”
The city will start taking applications in 2023 and the program is a grant, so those who are chosen to receive the help will not have to worry about paying it back. Applicants will need to currently live within the federal "Community Development Block Grant" area in Long Beach and must be a "first generation home buyer," which means "someone whose parents or guardians never owned a home or who previously owned a home but lost it due to a foreclosure or short sale." Those eligible for the program do include low and moderate income families who are usually underrepresented in owning a home.
The First-Time Homebuyers Assistance Program will be selecting 100 families to receive the help and is facilitated by the city's Development Services Department. Since the program is not open yet, the department will be hosting orientation sessions within the next few months to help families with the application process. For more information about the program click here or head to KTLA 5.